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CBRE Vietnam’s Top Property News Stories – W11/2015

 

Foreign banks expand their operations in Vietnam, Vinpro in the US$5 billion worth consumer electronics market, Pearl Plaza to open this June (HCMC, SSG building on Dien Bien Phu Street), Foreign developers are not allowed to collect 50% of the property value before handing the property to owners, …

 

CBRE Newspaper Updates on Residential Ads 

 

 

  • The most actively advertised projects are:

    • Duong Hong Garden House in Binh Chanh District:

      • 2nd launch in January 2015
      • Total condo and villas is 219 units.
      • Total investment is 680 bil
      • Price is from 1,5bil/ plot (95-100 sm);
    • Skyway in District 7:
    • Price is from VND 678 mil/unit
    • Scale is from 53.1 sm to 107.1 sm/unit
    • Total 2 blocks, 19 floors, 180 units;
    • Total 495 units
    • Scale per unit is from 74.43 sm to 139.2 sm
    • Price is from VND 32.5 mil/sm.
    • Sky Center in Tan Binh District:

  • Two new launches:

    • Hoa Binh Green City H2 (Hoang Mai District):

      • Units launched: 250;
      • Price from VND2.2 bn per unit (fully-furnished, VAT excluded);
      • Promotion: customers will be rewarded a VND150 mn SH motorbike.
    • FLC Complex (Tu Liem District):
    •  Price from VND27 mn psm (VAT included, fully-furnished);
  • Advertisment activities:
  • Times City phase 2 – Park Hill (Hoang Mai District):

    • Times city won double property awards from International Property Awards 2015;
    • Emphasize on its “green environment” and “deluxe life-style”.

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Vinpro in the US$5 billion worth consumer electronics market

CafeF

This year 2015 Vingroup plans to join electronics market with 25 Vinpro – Technology center and over 100 Vinpro+ – Electronics stor. According to GfK report, revenue in consumer electronics market reached US$5.5 billion, growing at 20% for 2 years in a row. Specifically, mobilephone industry grows at 30%/year. In 2014, Vietnamese spent VND50,000 billion on mobilephones, accounting for 43% of total expenditure on electronic items.Thegioididong, Viettel, FPT and Vien Thong A take the lead in the number of retail stores in the market.[The original article is available in Vietnamese only.]

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Pearl Plaza to open this June (HCMC, SSG building on Dien Bien Phu Street)

Vietnam Breaking News

Pearl Plaza will supply over 20,000 square meters of luxury retail space, 30,000 square meters of grade-A office space and a convention facility able to accommodate 1,500 people at a time. The project has total investment capital of VND1.6 trillion (some US$75 million).

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Foreign developers are not allowed to collect 50% of the property value before handing the property to owners

CafeF

Ministry of Construction is taking feedback for the Draft on House Selling and Buying contract which does not allow developers of FDI projects to collect up to 50% of the property value before handing the property to owners. Besides, first-time payment for all projects must not exceed 30% of the contract value and must not exceed 70% for next payment stages before handing the property. [The original article is available in Vietnamese only.]

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Binh Duong to equitize Becamex IDC, Thanh Le

The Saigon Times

HCMC – Binh Duong Province is working on plans to equitize Becamex IDC Corporation and Thanh Le General Import-Export Trading Corporation this year, said Tran Thanh Liem, vice chairman of the province, at a press briefing on March 9.

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Banks cut rates on the back of low CPI

VOV

Deposit interest rates are set to fall across the board for the local banking sector, including a prediction that there should be a cut in a open-market operations interest rates to at least 4.5% a year by the end of 2015.

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Vietnam devalues Dong as U.S.Dollar

The Wall Street Journal

Vietnam’s central bank Wednesday devalued the dong against the U.S. dollar by 1%,  set the dollar rate at 21,458 Vietnamese. This move may help make the Southeast Asian country’s exports more competitive with regional peers as the dollar strengthens.

 

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International arrivals to Vietnam fall 10% on drops from China, Russia

Tuoi Tre News

Vietnam welcomed around 10 percent fewer international tourists in the first two months of this year than a year earlier. As of the end of last month, more than 1.45 million international tourists had visited Vietnam. In February alone, the country received 756,000 international tourist visits, up 7.9 percent from a month earlier but down 10.2 percent from February 2014. The number of Chinese tourists visiting Vietnam in the first two months of this year dropped 40.3 percent from a year earlier, while the respective plunges of the Hong Kong and Russia markets were 51 percent and 25.7 percent.

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Vietnamese Prime Ministrer reviews urban planning along Nhat Tan-Noi Bai Highway

Tuoi Tre News

Prime Minister Nguyen Tan Dung met with Hanoi authorities to consult on urban planning along the Nhat Tan-Noi Bai Highway covering an area of 2,080 hectares. A highlight of the project will be the Phuong Trach financial skyscraper with up to 108 floors. The first section stretches from Noi Bai to the third belt road, covering an area of 390.2 hectares with a current population of over 6,500 residents. The second one extends from the third belt road to Van Tri Lake, and is planned for warehouses and transport, commerce and services, an urban railways center, and cultural centers.

This area includes 527 hectares with a population of 20,300. Following is the 888 hectare third section ranging from Van Tri Lake to the Hong River Dyke. It is designed for the international-level Phuong Trach Complex of financial, commercial and service centers, parks, and residential areas for resettlement. Lastly, the area beyond the Hong River Dyke is for centers of exhibition, commerce, high-quality services, and residential areas.This area is 275 hectares wide, with nearly 30,000 residents.

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16,000 VN firms close in first two months of 2015

Vietnam News

More than 16,000 businesses were either dissolved or suspended operations during the first two months of this year. Most of these businesses were small-scale, with charter capital of less than VND10 billion (US$467,300). The average registered capital for each company during the two-month period was down 3.4 per cent to VND5.6 billion against the corresponding period last year.

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Ministry eyes sale of highways, airports

Vietnam News

Late last year the Ministry of Transport-owned Viet Nam Expressway Corporation decided to sell a number of expressways including the Cau Gie -Ninh Binh, Ha Noi–Hai Phong and HCM City-Long Thanh -Dau Giay highways. Earlier this year the Ministry of Transport also announced a pilot scheme to sell the operational rights of Phu Quoc International Airport and one of the two terminals in Ha Noi's Noi Bai International Airport and part of Da Nang Airport and Cam Ranh Airport to raise funds to modernise the country's other airports.

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Vingroup sticks oar into port deal

Vietnam Investment Review

Vingroup is keen to become a strategic partner in the Saigon Port Company Ltd, and Haiphong Port JSC currently owned by state-run Vinalines. The developer has proposed buying a stake of up to 80 per cent in Haiphong Port at a price not lower than the average auction price.

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Hoa Binh won Cuu Long apartment project worth more than VND1,000 billion

Bao Moi

Hoa Binh Corporation won the bid Cuu Long apartment project (1 Ton That Thuyet, District 4, HCMC), developed by Sai Gon Cuu Long Business Production Investment Corporation. The project has 1 basement and 5 buildings. [The original article is available in Vietnamese only.]

 

 

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Foreign banks expand their operations in Vietnam

Bao Dau Tu

Last week, Kasikorn Bank (Thailand) opened two representative offices in Hanoi and Ho Chi Minh City, marking its presence in Vietnam. Not only open representative offices or branches in Vietnam, a number of banks in the region also want to buy 100% capital of weaker banks to establish banks with 100% foreign capital in Vietnam. [The original article is available in Vietnamese only.]

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NA approves higher eco-tax on oil and gas

Vietnam News

The National Assembly Standing Committee yesterday approved an increase in environmental taxes on oil and gas products that would take it to three times the current levels. Accordingly, the environmental tax levied on petrol (except for ethanol) and aviation fuel will increase from VND1,000 to VND3,000 (0.47 to 1.4 US cents) per litre; on diesel from VND500 to VND1,500 per litre; and on lubricating oil and grease from VND300 to VND900 per litre. The tax on kerosene will stay the same at VND300 per litre. The increased revenues will be allocated to the State and local budgets this year.

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